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  • #201
  • Mar 25, 2010 7:02am Mar 25, 2010 7:02am
Quoting jointhepips
err i think your going down the wrong track mate.
I worked for IG and am now on holiday in the Uk if you must know.
But I do know alot about the industry and run a CFD/FX website but wont mention it here as dont want to advertise it.
but it would seem that you are on a personal attack about Go markets so i will leave you to it.

not really. I really appreciate an OZ broker and would love to see them be succesful. It would be good for aussies to have a reputable decent broker. Im up to support them anytime as long as they sort out this execution problem. I would rather have some if not all my $$ with an aussie broker...but fairness has to be there.
Once again-- gomkts and team -- try resolve this asap. This problem is faced by the public at large. Hope you do,
Thats all from me.

Enjoy trading everyone.
  • #202
  • Mar 25, 2010 7:12am Mar 25, 2010 7:12am
Quoting GoMarkets
Our PDS does not show a conflict of interest as there is no conflict. By stating facts, we cannot be in breach of regulations. Our legal documents, which are visible on our site, state that we enter into back to back transactions, not take on client positions. As you obviously have some knowledge of ASIC and the industry you are probably aware that ASIC have been reviewing a number of PDSs over the last 6 months or so (apparently over 300). They have recently completed a review of all our legal documents also and if there were the so called conflicts...
Why would I travel all the way to Melbourne to look at a blank screen. Why would you have your dealer onshore to begin with? Do you realise the tax implications on that system? Running orders through a dealer offshore using a shell company would be the best way to reap profits by using volume. And it also would avoid Australian business tax (which myself and 24 million others thinks is insanely high). You might by STP, STP to a shell offshore. Or even another entity, you may be an entire whitelabel.

But I tell you now, your spreads are not STP, and adjusting the spreads because popular EA's may work on your system, so that they are so large the EA's don't work is a pure example of a dealer desk. I bring the FAPTurbo debacle to light.
You had them all in the palm of your hands, but your dealer couldn't cope with the excessive amount of unfillable liquidity, so alternatively, you increased the spreads instead of displaying STP prices. Its a simple algorithm change to stop another algorithm from working.

My knowledge is not only on australian regulation, but metatrader processors in general.

Further to that, the harsh sales pitch your team has used on various 'potential customers', I use those words lightly, is breaking the law also. Hard sales are illegal, door 2 door sales is illegal in financial services, unsolicited phone calls is illegal. I believe you have broken 2 of these laws with me personally alone.

Are your staff on the other end of the phone all RG146 compliant? Do they have an FX Specialist adviser course under their wing?

Using regulation as a marketing tool is fine, but you have to understand the implications that true regulation brings to light. From things you have posted so far, I do not see you, or any representitive of your company complying with regulation, apart from the periods in which ASIC (an already saturated regulator struggling to cope with work load) are investigating you.

Its not hard to sweep things under the rug when big ben comes knocking at your door. Give the no compliant people days off, and pamper the investigator. But in the end, the easy way out always hurts you.
  • #203
  • Mar 25, 2010 1:14pm Mar 25, 2010 1:14pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting goldcourse
I got my 500:1 but must request for it.

and its only for acc up to 5K available.....
  • #204
  • Mar 25, 2010 6:24pm Mar 25, 2010 6:24pm
Well, I do not know what to say in response to that. It seems that you and others are allowed to post whatever you want regardless of the fact it is completely inaccurate with no foundation, so I guess there is no point getting into an argument with you. We are of course happy to assist forum posts and will as ever ensure all clients receive the same service.

Let me just address a couple of the points and leave it as that:

All of our sales and customer service team have their RG146. The same can be said for previous members of staff.

We do not or have ever indulged in cold calling. We only contact people who have at some point provided their details to us by downloading a demo, applying for an account or sending us questions through our website. We don’t sit there flicking through the white pages. Even if it was legal, I wouldn’t see the point!

I believe I know who you are, and if I am correct I know the conversation you had with a former employee. Correct me if I am wrong, but you and he disagreed about how an ECN works and you hung up on him? I know he was a bit of a prickly character, but he certainly had the RG146. We would be happy to provide ASIC with the conversation if required. However, if you think that we do not have RG146, or are cold calling, or are in any way in breach of ASIC regulations, then please contact them. If that is what it takes to give you peace of mind, then go for it.

I would like to point out that you have made numerous claims which are full of complete inaccuracies, misunderstandings and blatant lies. This is libellous and it doesn’t matter if it is on a web forum or in a blog or on a newspaper, it is all the same. This was proved in the recent Hot Copper case.
  • #205
  • Mar 25, 2010 7:21pm Mar 25, 2010 7:21pm
Go Markets, you seem to spend a lot of time addressing the issue as per your post above and the majority of us are not interested. Get back on track and fix the delayed execution, that's what you are supposed to do if you really care about your clients.
  • #206
  • Mar 25, 2010 7:36pm Mar 25, 2010 7:36pm
IMHO: Go Markets is spending time on the forum addressing trader concerns because good customer service is one of their qualities.

I know from my personal contact with them that on the back-end they are already working on improving execution speeds. It is unfortunately not an overnight job.
BarrySDCA Commercial Network Services
  • #207
  • Mar 26, 2010 1:48am Mar 26, 2010 1:48am
Quoting PipStar
Go Markets, you seem to spend a lot of time addressing the issue as per your post above and the majority of us are not interested. Get back on track and fix the delayed execution, that's what you are supposed to do if you really care about your clients.

i second that. dont give a flying F *** about regulation talk ( althogh necessary for sure ) but get back on track and discuss this awful execution manipulation techniques you are scamming traders into. Listen to us-- we have no point in complaining and its not just one or handful of us who are facing this problem--but many many many mannnnnnnny
Sorting this out should be your first customer priority.
  • #208
  • Mar 26, 2010 2:09am Mar 26, 2010 2:09am
I really don't know what people are complaining about. It is (in my opinion) one of the best forex providers in australia.

Yes the first trade is often laggy but that can be dealt with by modifying or updating a pending order or tempoary modifying a SL or TP on an open order.

Other then this little problem, the customer service is great and the spread is pretty good and plus it is one of the few providers in aust that offer a MT4 platform.

Those that are complaining about spikes, it is just part of forex, if you think gomarket is deliberately spiking then why not just cross-check it with another provider, and if it is just gomarket i'm sure its just an error which they will fix (i have not had this problem in my 1 year of being with them)
  • #209
  • Mar 26, 2010 7:27am Mar 26, 2010 7:27am
Quoting onu
and its only for acc up to 5K available.....
Thanks for that, unfortunately or fortunately i have a bit more than that, may still ask though and see if they can up it
  • #210
  • Mar 26, 2010 9:31am Mar 26, 2010 9:31am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting jointhepips
Thanks for that, unfortunately or fortunately i have a bit more than that, may still ask though and see if they can up it
Good to have a bit more than 5 K to trade Let me know if they make an exception for u regards the leverage. I guess it will not happen..as far as I know these guys.

---------------------------------------------
http://www.myfxbook.com/members/pc8multifx
  • #211
  • Mar 27, 2010 3:05am Mar 27, 2010 3:05am
Quoting BobbyBob
I really don't know what people are complaining about. It is (in my opinion) one of the best forex providers in australia.

Yes the first trade is often laggy but that can be dealt with by modifying or updating a pending order or tempoary modifying a SL or TP on an open order.

Other then this little problem, the customer service is great and the spread is pretty good and plus it is one of the few providers in aust that offer a MT4 platform.

Those that are complaining about spikes, it is just part of forex, if you think gomarket is deliberately...
About the spikes - I lost a significant sum on a spike that didn't appear on the other broker I use and when I asked my colleague at work who is signed up to multiple brokers (other than Gomarkets), he didn't come across the spike anywhere else either. Some people speculate it's due to the Currenex data feed Gomarkets uses. Honestly, I don't know, I just know that from time to time, spikes (increasing the spread to over 150 pips) that don't appear on other brokers else occur on Gomarkets. Contacting them didn't result in anything other than a generic reminder that fluctuations occur around news events.
As for lag - I notice it, but it doesn't affect my trading too much so I live with it. Course, it would be nice if it didn't occur.
  • #212
  • Mar 27, 2010 5:39am Mar 27, 2010 5:39am
Quoting aengusj
About the spikes - I lost a significant sum on a spike that didn't appear on the other broker I use and when I asked my colleague at work who is signed up to multiple brokers (other than Gomarkets), he didn't come across the spike anywhere else either. Some people speculate it's due to the Currenex data feed Gomarkets uses. Honestly, I don't know, I just know that from time to time, spikes (increasing the spread to over 150 pips)...
Spreads of 150 pips???!!!! What a thieves!
  • #213
  • Mar 27, 2010 7:34am Mar 27, 2010 7:34am
Quoting BobbyBob
Yes the first trade is often laggy but that can be dealt with by modifying or updating a pending order or tempoary modifying a SL or TP on an open order.
The delayed execution does not occur on the first trade only but on all trades if you trade frequently enough. Of course Go Markets have jumped on this as being normal just because one trader has stated this was his experience. There is no excuse for delayed execution whether it's your first or second trade. Or all of the them trades which is the case with this broker.
  • #214
  • Edited 4:07pm Mar 27, 2010 12:26pm | Edited 4:07pm
Why is everyone fervently pursing an issue that the broker has purporsely created to steal pips from its clients? They refuse to fix the issue so just find another broker. There are many REAL STP, ECN brokers out there. Why stay with them?

I had an account with them 3 months ago and traded on the news with them. The execution speed had to be sub 10 milli seconds! After 3 successful news spike trades they disabled my account. I asked them why and their reply was it is not they who care, but it is their liquidity provider in New Zealand that did not like this. It should not matter what prices you are getting from a liquidity provider if they are STP. STP liquidity providers get the prices anonymously from the banks and it is in the best interest of an STP to have their clients win and not lose. If the client is winning and the broker is complaining, then that is a deal desk environment. Shortly after they disabled the accounts of all their news traders they implemented the delayed execution algorithm in metaquotes to prevent scalpers. Traders trading the spikes were now getting slipped to the absolute top or bottom of the spike. If they claim to be a true Straight Through Processor broker then it should not matter the clients are getting filled on spikes or scalping the market. An STP broker has no deal desk and does not take the other side or have risk in the transaction. A true STP broker just provides the platform that allows the client to trade off the direct bank prices that the banks they have relationships with offer. Most true STP brokers use up to 12 tier 1 banks. GoMarkets claims to get prices from 70? That is false right there. They obviously are a deal desk presenting themselves as STP or else these issues would not concern them. STP brokers execution speed is not 7 seconds and don't let them kid you about the server issue. They are attempring to recoup the money loss from their previous sub 10 milli second execution when news traders were trading with them and making money.
  • #215
  • Mar 27, 2010 2:37pm Mar 27, 2010 2:37pm
Quoting DaleC
If the client is winning and the broker is complaining, then that is a deal desk environment. Shortly after they disabled the accounts of all their news traders they implememted the delayed execution algorithm in metaquotes to prevent scalpers.
Bingo!! This is what Alpari does too. Order execution with them SUCKS for the same reason. Anti-Scalper!!
  • #216
  • Mar 29, 2010 9:09am Mar 29, 2010 9:09am
i demo 3 mt4. but gomarkets is the most used.
just wonder with those postings and comments of both "good" vs "bad" on gomarketaus, any advise should i move on to open a live acct with gomarketsaus?

your input is appreciated. thanks.
  • #217
  • Mar 30, 2010 5:00am Mar 30, 2010 5:00am
Quoting snake
i demo 3 mt4. but gomarkets is the most used.
just wonder with those postings and comments of both "good" vs "bad" on gomarketaus, any advise should i move on to open a live acct with gomarketsaus?

your input is appreciated. thanks.
would you play russian roulette with a gun? you might be fine with go, or you might get like a lot of us are getting where it simply doesn't respond when you send orders.

it's a good thing i don't use many market orders... but f-me when i need to remove a limit order and it hangs for a minute then gives a no connection... RAGE.

but am i going to change broker... meh. just makes it more challenging, plus i'm lazy and haven't heard anything that makes me want to jump-ship to something 'better'.
Congratulations ScalaFX for coming out of the closet!
  • #218
  • Mar 31, 2010 1:51am Mar 31, 2010 1:51am
Quoting Hyper
Here are my ping duration statistics that I just ran minutes ago from Boston to GoMarkets real server (123-100-98-185.maxnet.co.nz), which is actually in New Zealand and not Australia:

[code]>ping 123-100-98-185.maxnet.co.nz

Pinging 123-100-98-185.maxnet.co.nz [210.55.230.196] with 32 bytes of data:

Reply from 210.55.230.196: bytes=32 time=220ms TTL=50
Reply from 210.55.230.196: bytes=32 time=219ms TTL=50
Reply from 210.55.230.196: bytes=32 time=218ms TTL=50
Reply from 210.55.230.196: bytes=32 time=219ms TTL=50

Ping statistics for...
Funny,
Usually you are getting this ping reply when you are pinging a host that is on dial-up connection using a 56K modem.
Now connect your computer using a 56K modem and try to load the MSN page.
After you are going to try this, you will say that MSN has problems with their website.
  • #219
  • Apr 1, 2010 5:22am Apr 1, 2010 5:22am
I've had an account with GoMarkets since July 2009 and the only bad thing that has happened to my account is me.

I do experience a delayed execution here and there but most of the time my orders get filled very quickly. In fact, the only delay is when I am modifying a pending order like a stop or limit. Most of the time those are nothing crucial as I trade off 4hr and Daily charts anyway.

Customer service has been good and my funds transfers are always prompt.

I personally dont know what all the fuss is about ...
  • #220
  • Apr 1, 2010 6:09am Apr 1, 2010 6:09am
Quoting robshan
................I trade off 4hr and Daily charts anyway.
Customer service has been good and my funds transfers are always prompt.
I personally dont know what all the fuss is about ...
You would not know what it's all about because you trade the 4hr and daily timeframe as you say yourself. So a few seconds delay in execution does not matter to you.

But when you trade the lower timeframes where you enter and exit trades quickly then delayed execution by a few seconds matter and it's a problem. It's not too hard to guess what all the fuss is about. It's about some traders not getting the quick execution that they need for their trading style.
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